From sustainable fuels to performance chemicals to deepwater drilling, here’s how ExxonMobil is being unbundled.
ExxonMobil has been a dominant player in the oil & gas industry for decades and has an annual revenue that regularly exceeds $200B.
However, the oil & gas giant is facing increasing pressure to transition away from fossil fuels. For instance, investment firm Engine No. 1 made headlines when it gained board seats at ExxonMobil in an effort to push the company to reduce carbon emissions.
Since then, the company has been investing more in its new Low Carbon Solutions business that develops carbon capture & storage and hydrogen technologies. The company also recently announced the goal of achieving net-zero greenhouse gas emissions by 2050.
Even with these carbon reduction initiatives, ExxonMobil still faces stiff competition in its traditional businesses: upstream, downstream, and chemicals.